Are you a victim of fraud? Are you working too hard and cannot see where the money goes? Are you an auditor or fraud investigator who would like to know how to collect water-tight evidence so that you become a darling of the prosecution and or your company team? Find the summit investigation Tool 1.11: summitINVESTIGATE Whether you are a subject of an investigation or just staff who is at a company where fraud has taken place, you deserve to get peace of mind. summitINVESTIGATE helps you get all the facts so that you know the truth. In business, acting…
Tool #40 of 104 is use the watertight principle for your life’s success
John 16:12-15: Jesus said: ‘I still have many things to say to you but they would be too much for you now… He will glorify me, since all he tells you will be taken from what is mine. Everything the Father has is mine; that is why I said: All he tells you will be taken from what is mine.” The watertight principle applies to your life just as it works for anything that holds water. Be it a jerrycan, bottle or even a boat. The principle states that “however firmly you tighten the lid, if the container has a…
The Internet wizkid – computer fraud in a bank in Kenya
XY, a financial institution, suffered US $504,000 loss in fraudulent transactions. The culprits did it by: (i) gaining access to the super administrator (“sa”) password through social engineering. The “sa” password is required to access the live banking application database and the Head of ICT and Managing Director keep its custody under dual control. The bank’s system admin accessed the Head of ICT’s notebook and got part 1 of the password. He then tricked the MD’s to have his computer updated with a recent patch contrary to the normal procedure where an external firm provides such maintenance service under a…
Bank loan fraud scheme uncovered
After several years of investigating fraud, I have come to the realization that in many cases, internal staff are involved in one way or the other. It is so difficult to pull off a fraud without involving an insider. When it comes fraud examination, everyone is a suspect until proven otherwise. I have found it important to take everyone’s statement to account for their time, roles and activities immediately before, during and after the fraud or theft incident. Looking carefully through those statements, you get to realize how some of their information is inconsistent either in an attempt to protect…
Improving the lives of victims of HIV/Aids
James Kakoma Junior a diploma holder in Accounting and Finance is the financial officer at Need Help, a local NGO that provides financial support to victims of HIV/AIDS and street children. In 2014 the NGO applied for a grant from partner donors to help reach areas of Eastern Uganda more specially Iganga, Mbale and Tororo and it was successful in receiving a grant of Ushs. 1.5 Billion. James has worked with the NGO for the last 5 years and he is an excellent performer. James recently completed his degree in Accounting and Finance and he expects a promotion due to…
Fighting corruption and fraud risk
Fraud and corruption posses a big threat to corporate success. As custodians of financial resources, the accountants’ role is more than writing cheques and books of accounts. The role has evolved to include implementing policies and procedures aimed at preventing fraudulent practices, and where a fraud occurs, implementing controls to prevent re-occurrence. To discharge their role effectively, accountants must acquire fraud prevention and management skills. One of the ways of managing corruption and fraud is through public awareness of the risk. In these anti-fraud and corruption series, we explain how fraud and corruption occur and ways of managing the risks.…